NADL - North Atlantic Drilling Ltd. reports fourth quarter and preliminary 2013 results

STAVANGER, Norway, Feb. 25, 2014 (GLOBE NEWSWIRE) -- Highlights

  • North Atlantic Drilling generates fourth quarter 2013 EBITDA*) of US$137.6 million
  • North Atlantic Drilling reports fourth quarter 2013 net income of US$48.0 million and earnings per share of US$0.21.
  • North Atlantic Drilling resolves to increase the regular quarterly cash dividend by US$0.005 to US$0.23 per share
  • North Atlantic Drilling issues NOK1,500 million in senior unsecured bonds
  • North Atlantic Drilling raises US$600 million by issuing senior unsecured notes, due 2019, in a private offering in the United States
  • North Atlantic Drilling completes its initial public offering in the United States by issuing US$125 million in new shares and commences trading on the New York Stock Exchange
  • North Atlantic Drilling takes delivery of the harsh environment jack-up West Linus

*) EBITDA is defined as earnings before interest, depreciation and amortization equal to operating profit plus depreciation and amortization.

Consolidated revenues for the fourth quarter of 2013 were US$310.4 million as compared to US$321.2 million for the third quarter of 2013.

Operating profit for the fourth quarter was US$89.2 million, a decrease of US$3.7 million compared to the third quarter operating profit of US$92.9 million.

Net financial items for the fourth quarter of 2013 amounted to a loss of US$29.5 million and included US$23.7 million in interest expenses, compared to a loss in the third quarter 2013 of US$22.1 million that included interest expenses of US$20.7 million.

Income taxes for the fourth quarter were US$11.7 million.

Net income for the fourth quarter was US$48.0 million, and basic earnings per share were US$0.21.

The Company reports operating revenues of US$1,324.3 million, operating income of US$360.6 million and a net income of US$235.6 million for the twelve months ended December 31, 2013. This compares to operating revenues of US$1,044.7 million, operating income of US$404.1 million and a net income of US$181.7 million for the twelve months ended December 31, 2012.

The full report for the fourth quarter can be downloaded from | Investor relations | Financial reports

Questions should be directed to North Atlantic Management AS represented by:

Ragnvald Kavli: Chief Financial Officer
Tore Byberg: VP Commercial Finance

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.


North Atlantic Fleet Status Q4
NADL - Fourth quarter 2013 report


Source:North Atlantic Drilling Ltd.